Pune, India, June 12, 2023 (GLOBE NEWSWIRE) -- The global surveillance radars market size was valued at USD 8.90 billion in 2022 and is projected to grow from USD 9.90 billion in 2023 to USD 19.94 billion by 2030, exhibiting a CAGR of 10.5% during the forecast period.
Radar surveillance systems keep an eye on numerous activities in key locations, including ports, airports, and military bases. For the sake of national security, these probes are employed to find and follow cooperative, non-linear, and moving targets. Additionally, it is used to strengthen border security in the defense and commercial sectors. These radar systems can function on a variety of platforms such as land, sea, air, and space. Radar surveillance systems are crucial for border security activities. Fortune Business Insights presents this information in their report titled "Global Surveillance Radars Market, 2023–2030."
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List of Key Players Profiled in the Surveillance Radars Market Report:
- BAE Systems Plc (U.K.)
- Hensoldt AG (Germany)
- Leonardo S.p.A. (Italy)
- Honeywell International (U.S.)
- Lockheed Martin Corporation (U.S.)
- L3 Harris Technologies Inc. (U.S.)
- Northrop Grumman Corporation (U.S.)
- Raytheon Technologies Corporation (U.S.)
- SAAB AB (Sweden)
- Thales Group (France)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 10.5% |
| 2030 Value Projection | USD 19.94 Billion |
| Market Size in 2023 | USD 9.90 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Surveillance Radars Market Growth Drivers | Advancement in Border Surveillance System has Increased the Demand for Air Surveillance Radars |
| Expansion of New and Maintenance of Existing Airports will Propel the Surveillance Radars Market Growth |
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Russia-Ukraine War Impact:
Conflict between Russia and Ukraine Increases Need for Surveillance Radars
Following events such as the Russia-Ukraine war, several nations throughout the world have evaluated their defense spending and purchase plans and made appropriate adjustments. India, China, Canada, Estonia, Iraq, and Taiwan have made building the required infrastructure for fending off emerging threats a top priority for their defense spending. Hence, the conflict between Russia and Ukraine served as a catalyst for the global demand.
Segments:
Space Segment is the Fastest Expanding Sector due to Rising Technological Advances
By platform, the market is classified into airborne, ground, space, and naval. The ground segment dominated the market with the largest share. Due to its technological edge over other platforms, it is predicted that the space segment will experience the quickest growth during the forecast period.
Increased Defense Uses for Long-Range Surveillance Radars Will Accelerate Market Development
Based on radar type, the market is bifurcated into short-range surveillance radar, medium-range surveillance radar, and long-range surveillance radar. Long-range surveillance radar demand will increase due to expanding uses in defense and space-based synthetic aperture radars during the forecast period.
Military Radars Sector to Maintain Dominate in Projected Period Owing to Increasing Defense Budget
The market is divided into commercial, defense, homeland security, and others based on application. Between 2023 and 2030, the defense segment is anticipated to develop with the greatest CAGR. The main forces behind the expansion of the defense segment are growing defense spending and cross-border conflicts.
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Report Coverage:
• Key growth drivers, restraints, opportunities, and challenges
• Comprehensive regional insights on the market.
• List of major industry players in the market.
• Key strategies adopted by the players in the market.
• Latest industry developments like product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Demand for Air Surveillance Radars has increased due to Improvements in Border Surveillance Systems
Autonomous drones and acoustic radar technology are two examples of border surveillance systems that have advanced and are still improving. More effective border security has been made possible due to mobile border security radars. These radars are additionally employed to increase the detection rate in key areas. Modern low-false-alarm radars have also been adopted by nations with border conflicts, drug trafficking, and undocumented immigration to help with border security. These factors are anticipated to increase the surveillance radars market share.
However, due to its advanced features, the maintenance cost is high, which may impede the surveillance radars market growth.
Regional Insights
Asia Pacific will dominate the Market due to High Demand for Advanced Naval Radars
The largest market share is anticipated to be held by Asia Pacific throughout the forecast period. Its market expansion is related to the rise in demand for cutting-edge naval radars in industrialized nations such as China and India. The Asia Pacific military industry's demand for ballistic missile systems has also contributed to market expansion. Defense Systems Company LIG Nex1 was given a USD 145.4 million contract by South Korea's Defense Acquisition Program Administration (DAPA) in May 2021 for the mass manufacture of the first Maritime Surveillance Radar-II.
Competitive Landscape
High Tech Surveillance Radar is the Attention of Major Players
There are several significant competitors in the extremely competitive global market for surveillance radar. Several firms significantly dominate the market in terms of market share. Due to the rapid advancement of radar technology in recent years and the presence of numerous businesses specializing in research and development with the goal of creating cutting-edge market solutions, the market has recently become extremely competitive.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of Russia - Ukraine War
- Global Surveillance Radars Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Platform
- Airborne
- Ground
- Space
- Naval
- Market Analysis, Insights and Forecast – By Radar Type
- Short-Range
- Medium-Range
- Long-Range
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Defense
- Homeland Security
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
TOC Continued...!
Key Industry Development:
July 2022 – Irish government announced to spend USD 203.9 million for procurement of radars to monitor Irish air space.
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